CMA Foundation Syllabus

The CMA Foundation syllabus is available now to all CMA Foundation aspirants so that they can plan their study effectively.. Before start their study, candidates who have registered for the exam must go through the CMA Foundation Syllabus properly so that they can understand it well.. The CMA Foundation syllabus for CMA Foundation exam has been published by ICMAI and will be used starting in the June 2023 term. The CMA Foundation exam will be administered using the 2016 syllabus until December 2023. Candidates who want to switch from the old to the new syllabus must pay a conversion fee of Rs. 250. The CMA Foundation syllabus 2023 includes information about the papers covered, subjects, and subtopics covered. According to the exam schedule, the CMA Foundation exam is offered twice a year by ICMAI: once in June and once in December.

CMA Foundation Syllabus 2023

Paper 1 – Fundamentals Of Financial And Cost Accounting (FFCA)

Module no. Module Description Weight
Section A: Fundamentals of Financial Accounting 70%
1. Accounting Fundamentals 30%
2. Accounting for Special Transactions 15%
3. Preparation of Final Accounts 25%
4. Section B: Fundamentals of Cost Accounting 30%
Fundamentals of Cost Accounting 30%

SECTION A: Fundamentals Of Financial Accounting

  1. Accounting Fundamentals

1.1 Understanding of Four Frameworks of Accounting (Conceptual, Legal, Institutional and

Regulatory) and Forms of Organisation

1.2 Accounting Principles, Concepts and Conventions

1.3 Capital and Revenue Transactions – Capital and Revenue Expenditures, Capital and Revenue


1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction –

Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary Books and

Finalisation of Accounts

1.5 Journal (Day Books; Journal Proper – Opening, Transfer, Closing, Adjustment and Rectification

Entries), Ledger

1.6 Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement

1.7 Trial Balance

1.8 Adjustment Entries and Rectification of Errors

1.9 Depreciation (Straight Line and Diminishing Balance Methods only)

1.10 Accounting Treatment of Bad Debts and Provision for Doubtful Debts

  1. Accounting for Special Transactions

2.1 Consignment

2.2 Joint Venture

2.3 Bills of Exchange (excluding Accommodation Bill, Insolvency)

  1. Preparation of Final Accounts

3.1 Preparation of Financial Statements of Sole Proprietorship

3.1.1 Income Statement, Balance Sheet

3.2 Preparation of Financial Statements of a Not-for-Profit Organisation

3.2.1 Preparation of Receipts and Payments Account

3.2.2 Preparation of Income and Expenditure Account

3.2.3 Preparation of Balance Sheet

Section B: Fundamentals Of Cost Accounting

  1. Fundamentals of Cost Accounting

4.1 Meaning, Definition, Significance of Cost Accounting, its Relationship with Financial Accounting

4.2 Application of Cost Accounting for Business Decisions

4.3 Definition of Cost, Cost Centre, Cost Unit and Cost Drivers

4.4 Classification of Costs (with reference to Cost Accounting Standard 1)

4.5 Ascertainment of Cost and Preparation of Statement of Cost and Profit (Cost Sheet)

Paper 2- Fundamentals Of Business Laws And Business Communication (FBLC)

Module no. Module Description Weight
Section A: Fundamentals of Business Laws 80%
1. Introduction 10%
2. Indian Contracts Act, 1872 30%
3. Sale of Goods Act, 1930 20%
4. Negotiable Instruments Act,1881 20%
5. Section B: Business Communication 20%
Business Communication 20%

SECTION A: Fundamentals Of Business Laws

  1. Introduction

1.1 Sources of Law

1.2 Legislative Process in India

1.3 Legal Methods and Court System in India

1.4 Primary and Subordinate Legislation

  1. Indian Contracts Act, 1872

2.1 Essential Elements of a Contract, Types of Contract, Offer and Acceptance

2.2 Void and Voidable Agreements, No Consideration No Contract

2.3 Consideration, Legality of Object and Consideration

2.4 Capacity of Parties, Free Consent

2.5 Quasi and Contingent Contracts

2.6 Performance of Contracts

2.7 Meaning of Indemnity, Guarantee, Pledge, Agent

2.8 E-Contracts and E-Signature – Meanings and Requirements

2.9 Discharge of Contracts

2.10 Breach of Contract and Remedies for Breach of Contract

  1. Sale of Goods Act, 1930

3.1. Definition

3.2. Transfer of Ownership

3.3. Essential Conditions of a Contract of Sale

3.4. Conditions and Warranties

3.5. Performance of the Contract of Sale

3.6. Rights of Unpaid Seller

  1. Negotiable Instruments Act, 1881

4.1. Characteristics of Negotiable Instruments

4.2. Definitions of Promissory Note, Bill of Exchange and Cheque

4.3. Difference between Promissory Note, Bill of Exchange and Cheque

4.4. Crossing – Meaning, Definition and Types of Crossing

4.5. Dishonour of Cheques (Section 138)


  1. Business Communication

5.1 Introduction to Business Communication

5.2 Features of Effective Business Communication

5.3 Process of Communication

5.4 Types of Business Communication

5.4.1 Formal and Informal Communication

5.4.2 Verbal, Non-verbal and Written Communication

5.4.3 Vertical, Horizontal and Diagonal Communication

5.4.4 Upward and Downward Communication

5.4.5 Lateral Communication

5.5 Internet Based Business Communication

5.6 Do’s and Don’ts of Communication through Social Media

5.7 Writing and Drafting for Business Audiences

5.7.1 Letter and Memorandum

5.7.2 Report – Formal and Informal

5.7.3 Business Proposal

5.7.4 Enhancement of Writing Skills

5.8 Intercultural and International Business Communication

5.9 Barriers to Business Communication

5.10 Legal Aspects of Business Communication

5.11 Use of Graphics and References for Business Communication

Paper 3 – Fundamentals Of Business Economics And Management (FBEM)

Module no. Module Description Weight
Section A: Fundamentals of Business Economics 70%
1. Basic Concepts 15%
2. Forms of Market 20%
3. Money and Banking 20%
4. Economic and Business Environment 15%
5. Section B: Fundamentals of Management 30%
Fundamentals of Management 30%

Section A: Fundamentals Of Business Economics

  1. Basic Concepts

1.1 The Fundamentals of Economics

1.2 Utility, Wealth, Production

1.3 Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand

– Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting) and

Supply (Meaning, Determinants, Law of Supply and Elasticity of Supply), Equilibrium

1.4 Theory of Production (Meaning, Factors, Laws of Production – Law of Variable Proportion, Laws

of Returns to Scale)

1.5 Cost of Production (Concept of Costs, Short-run and Long-run Costs, Average and Marginal Costs,

Total, Fixed and Variable Costs)

1.6 Means of Production

  1. Forms of Market

2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Duopoly,

Oligopoly, Monopoly, Monopolistic Competition

2.2 Price Discrimination

  1. Money and Banking

3.1 Money – Types, Features and Functions

3.2 Banking – Definition, Functions, Utility, Principles

3.3 Commercial Banks, Central Bank

3.4 Measures of Credit Control and Money Market

  1. Economic and Business Environment

4.1 PESTEL (Political, Economic, Societal, Technological, Environmental and Legal) Analysis

4.2 Emerging Dimensions of VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of

Unknown and Unprecedented Ness)

Section B – Fundamentals Of Management

  1. Fundamentals of Management

5.1 Introduction to Management

5.2 Stewardship Theory and Agency Theory of Management

5.3 Planning, Organising, Staffing and Leading

5.4 Communication, Coordination, Collaboration, Monitoring and Control

5.5 Organisation Structure, Responsibility, Accountability and Delegation of Authority

5.6 Leadership and Motivation – Concepts and Theories

5.7 Decision-making – Types and Process

Paper 4 – Fundamentals Of Business Mathematics And Statistics (FBMS)

Module no. Module Description Weight
Section A: Fundamentals of Business Mathematics 40%
1. Arithmetic 15%
2. Algebra 20%
3. Calculus – Application in Business 5%
4. Section B: Fundamentals of Business Statistics 60%
Statistical Representation of Data 5%
5. Measures of Central Tendency and Dispersion 15%
6. Correlation and Regression 15%
7. Probability 15%
8. Index Numbers and Time Series 10%

Section A: Fundamentals Of Business Mathematics

  1. Arithmetic

1.1 Ratios, Variations and Proportions

1.2 Time Value of Money and Annuity – Simple and Compound Interest

1.3 Arithmetic Progression and Geometric Progression

1.4 Time and Distance

  1. Algebra

2.1 Set Theory, including Venn Diagram

2.2 Indices and Logarithms (Basic Concepts)

2.3 Permutation and Combinations (Basic Concepts)

2.4 Quadratic Equations (Basic Concepts)

  1. Calculus – Application in Business

3.1 Concept of Calculus and its Application in Business

3.2 Revenue and Cost Function

3.3 Optimisation Techniques (Basic Concepts)

Section B: Fundamentals Of Business Statistics

  1. Statistical Representation of Data

4.1 Diagrammatic Representation of Data

4.2 Frequency Distribution

4.3 Graphical Representation of Frequency Distribution – Histogram, Frequency Polygon Curve, Ogive, Pie-chart

  1. Measures of Central Tendency and Dispersion

5.1 Mean, Median, Mode, Mean Deviation

5.2 Range, Quartiles and Quartile Deviation

5.3 Standard Deviation

5.4 Coefficient of Variation

5.5 Karl Pearson and Bowley’s Coefficient of Skewness

  1. Correlation and Regression

6.1 Scatter Diagram

6.2 Karl Pearson’s Coefficient of Correlation

6.3 Regression Analysis

  1. Probability

7.1 Concepts and Terminologies

7.2 Primary applications of Probability Theorems

  1. Index Numbers and Time Series

8.1 Uses of Index Numbers, Methods of Construction of Index Number

8.2 Components of Time Series and Calculation of Trend by Moving Average Method


It is always crucial to understand the CMA Foundation Syllabus as that is the only way to create the best study plan as per the weightage of the subjects & the length of the syllabus of the specific topics. The CMA Foundation syllabus 2023, which will be applicable for June 2023 & November 2023 & all the exams in future till the next update in CMA Foundation Syllabus.

Understand the CMA Foundation Syllabus property & do well in the exams.

BEst of luck to all CMA Foundation aspirants!